Mon close: Weir biggest faller on energy woes
Disappointing domestic economic data pointed to a weak manufacturing outlook, hitting energy stocks and dragging down the top shares index.
Energy stocks shaved more than 10 points off the blue-chip FTSE 100 index. The engineering firm Weir Group, which does much of its business in the oil sector, fell 3.4%, the index’s biggest faller.
The FTSE100 index closed down 30.85 points, or 0.4%, at 6,953.58, after the PMI manufacturing survey missed expectations, even as activity in Britain edged up from a seven-year low.
Lloyds was a riser, up 1% after the government announced a sale of shares in the bank to private retail investors in the next 12 months and extended a facility enabling it to sell more shares to financial institutions.
UK Financial Investments, the state investment vehicle, lowered its stake in Lloyds to 18.99% from the 19.93% it held on 12 May.